MATTAWAN, Mich., May 5 /PRNewswire/ -- International Research and Development Corp. (NASDAQ-NMS: IRDV) and subsidiaries announces consolidated operating revenues and operating results for the first quarter of 1993.
Consolidated operating revenues for the three months ended March 31, 1993, were $9,556,562 compared with 1992 first quarter operating revenues of $8,198,404 representing a 17 percent increase. The corporation realized earnings before income taxes for the 1993 quarter of $267,891 compared with a loss before income taxes of $209,587 for the same period for 1992. The 1993 first quarter net income was $173,591 (or $.03 per share) compared with the 1992 first quarter net loss of $141,287 (or $.03 per share), a turnaround of $.06 per share.
The research segment of the corporation, through its marketing programs, has continued an aggressive pace for new study authorizations. For the three months ended March 31, 1993, new study authorizations exceeded those obtained during this same period in 1992.
International Research and Development Corp. (IRDC) is engaged in the safety evaluation of pharmaceutical and veterinary drugs and agricultural products. Studies are performed on behalf of various manufacturers of such products, both foreign and domestic, and on behalf of governmental agencies. Clinical safety evaluation studies are conducted on behalf of clients in the pharmaceutical, chemical and cosmetic-related industries through its subsidiary, IRAD Corp.
IRDC also is a manufacturer and distributor of cosmetics and skin care products through its subsidiary, Carme' Inc., as well as certain medical and health care products and services through another of its subsidiaries, Medical Surgical Specialties, Ltd.
The common stock of International Research and Development Corp. is traded in the over-the-counter national market. The NASDAQ symbol for the common stock is IRDV.
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/CONTACT: Dr. Francis X. Wazeter, president, International Research and Development Corp., 616-668-3336/
(IRDV)

CO: International Research and Development Corp. ST: Michigan IN:
MTC SU: ERN

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